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Get In, Get up and Leave - trading style


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Get In, Get up and Leave - trading style

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  #41 (permalink)
Vancouver Canada
 
Experience: Beginner
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This is my Monday when I went SHORT on a bullish day. Do you need any more clarity on my silly entry




Compare that with this entry where suddenly trading feels easy


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  #42 (permalink)
San Tan Valley, AZ/USA
 
Experience: Advanced
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FABRICATORX's Avatar
 
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On your diagram, perhaps switch colors? Whether you're long or short, I would keep profit zones green, and loss zones red. Find another way to differentiate longs from shorts. That way at a glance you can get an idea of how your trade went.

As an aside, can you teach me how your targets work? I see its 50/50/50, but you say once cancels the other. How does that work? I'm an all in all out guy, so I'm a little out of the loop here.

Jimmy

-Jimmy
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  #43 (permalink)
Vancouver Canada
 
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FABRICATORX View Post
On your diagram, perhaps switch colors? Whether you're long or short, I would keep profit zones green, and loss zones red. Find another way to differentiate longs from shorts. That way at a glance you can get an idea of how your trade went.

As an aside, can you teach me how your targets work? I see its 50/50/50, but you say once cancels the other. How does that work? I'm an all in all out guy, so I'm a little out of the loop here.

Jimmy

Yes, colouring is key. I have capture 2 attributes - long vs short and profit/less. Working on it. Thanks

With regards to target - I enter 150 SPY at market and then put 3 limit orders for 50 each. They are approximately 4, 8 and 12 points away from the entry. My stop is 8 points away.

I am doing it manually but Ideally i should create One Cancel Another OCA order in Interactive brokers.

eg. If your 4 point limit order for 50 Point is hit, then the stop loss order for that 50 will be cancelled. You will be left with the 8 & 12 points limit target order for 50 SPY each with a stop order for 100 SPY.

Once your 8 points target is hit for the next 50 SPY, then that stop loss order for those 50 will be cancelled and you will be left with the final 50 contracts until their target or stop is hit.

Hope that makes sense.

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  #44 (permalink)
San Tan Valley, AZ/USA
 
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FABRICATORX's Avatar
 
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That does make sense, thank you. Are you keeping your stop for the remaining 100 lot at the original stop or were you moving it up? I think you wrote it somewhere, now that I think about it... But anyways, Im curious of your results. I'm tempted to try trading spy's actually. I love the increased resolution of having little "risk" per unit.

Jimmy

-Jimmy
 
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  #45 (permalink)
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FABRICATORX View Post
Are you keeping your stop for the remaining 100 lot at the original stop or were you moving it up? .... I'm tempted to try trading spy's actually.

SPY is a great tool to try different methodology and execution methods. It's lower cost than ES but still real money rather than SIM.

Regarding stops, I decided to keep it at fixed 8 points NO MATTER WHAT, this week. I stuck to it.

The goal is to analyse all the trades every weekend and see whether there is any mileage in adjusting stops and targets.

I was considering few options like moving stops to breakeven after my 1st or 2nd target is hit. That would NOT have worked this week though with so much chop and directionless movement.

If I consistently get good entry points with minimal heat, I may reduce my stop from 8 points to 6. By keeping the same targets, I am improving my Risk Reward ratio.

Possibilities are limitless. Key is to be consistent and have enough data and gradually develop insight into my trading style and personality.

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  #46 (permalink)
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Solid work man. Thanks for your tips and insights

Jimmy

-Jimmy
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  #47 (permalink)
Vancouver Canada
 
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I had a colourful start this week.

I thought, perhaps I should add a bit of colour to my results too (though I love tradervue analysis)

After struggling with powerpoint charts and excel, I gave up and used draw.io for it's simplicity.

You will get used to these strange looking figures as I aim to post them every weekend.




My ENTIRE week of my SPY trading is captured in this with LOTS of details.

Hopefully the candlestick DAILY BAR outline is visible. The rectangular bar you see inside is my 3 lots of trading.

I take only 1 trade/day. All in with 1/3 scale out.

If the box is yellow - Then I was stopped out.

If the box is red - I was short and it hit the target

If the box is green - I was long and it hit the target.

On Monday, I was stopped out after hitting my 1st target of 4 points. I hit my all 3 targets on Tueday, Wednesday and Friday. On Thursday, I closed my positions after 4 points gain due to market closing time. NOTE that I was short every day. Did I say I am a PermaBear

The size of my trade box is quite useful to me. It reflects the range of the day. For example, my 12 points hit looks fairly short on wednesday compared to Friday. I instantly know that there was possibly more on the table on Wednesday with wider range and can look for optimizing exit on that day. Compare that to Friday where I was Lucky to get my 12 point target hit because of the narrow range of about 14 points.

I hope it gets less confusing with time. (or until I go back to Tradervue results)

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  #48 (permalink)
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Narcissus View Post
You will get used to these strange looking figures as I aim to post them every weekend.
...
I hope it gets less confusing with time. (or until I go back to Tradervue results)

I was puzzled, and skeptical, at first, but these are starting to look pretty cool. It's a nice way to show what you did and what the market did on a particular day. You instantly get a useful summary.

You could also do it for any time period.... although it could get to be a lot of effort.

This is crying out for automation, since you're displaying data that is readily available in digital form. (Not that I'm offering, mind you -- it probably would be a big job.)

But in its present manual form it's still a good way to get an overview. I'll be watching how it develops. Nice work!

Bob.

Visit my futures io Trade Journal
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  #49 (permalink)
Vancouver Canada
 
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Million dollar question.

Should I move my stops to Breakeven or High of the Day after my 2nd target is hit?

(Please note that I have no current plans to move it after my 1st target is it). I think it's crucial in the long term to minimise risk.

Let's look at the 3 days this week when all my 3 targets were hit.



First 2 targets hit and then price moved back to High of the day. Moving stops would NOT have worked.










Moving Stops would have worked.








Moving stops would have worked.





So we have a WINNER. Moving my stop to High/Low of the day once my second target is hit is possibly a safe strategy with reduce risk. I will try this next week

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  #50 (permalink)
San Tan Valley, AZ/USA
 
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I thought the markets this week were super weird, so idk if that's a safe analysis.

When I tested that same thing in ES and YM, I found that market retraces up and down before hitting my targets toward end of day. So it would blow me out.

Jimmy

-Jimmy
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